The most expensive Olympics ever is now a major headache for Putin

AP ^ | 5 Feb 15 | NATALIYA VASILYEVA

[elhombrelibre]

The ski jump sits shrouded in mist, its coat of snow undisturbed by any athletes hurtling down to take off into the air.

A year ago, the jump bustled with activity at the Sochi Olympics. But it made unwanted history as well, becoming a symbol of how some of the plans for President Vladimir Putin's $51 billion Winter Games went terribly wrong.

The cost of the facility soared from $40 million to nearly $300 million — an overrun that caused the businessman involved to flee a corruption investigation.

Russia had vowed to pay for what became the most expensive Olympics of all time by getting super-rich private investors to take the cost from the state. Instead, as the first anniversary of the games approaches, at least two of those oligarchs are quietly dumping their toxic assets on the state — forcing taxpayers to pick up the bill.

[proxy_user]

He is truly the Tsar of the Soviet Union, combining the worst of both worlds.

[C19fan]

Putin’s version of the Potemkin Village although I doubt the real Potemkin Village costs as much as Sochi.

[AngelesCrestHighway]

That’s a damn shame...

[Vigilanteman]

. . . at least two of those oligarchs are quietly dumping their toxic assets on the state — forcing taxpayers to pick up the bill.

Who could have possibly seen that coming?

[elhombrelibre]

No, I'm sure it didn't. This really illustrates the folly of Putin's vainglory and the consequences of his style of crony authoritarianism. I guarantee that a lot of those who weirdly see him as some Christian alternative would also be shocked that his autocracy promotes only a cult of Putinism, not Christianity as any Protestant, Catholic, Orthodox, or other Christian understands Christianity to be.

[Berlin_Freeper]

U.S. bobsledder breaks down his bathroom door in Sochi hotel

[Haiku Guy]

If I were writing a bid to become an Olympic host city, I would concentrate on how the work will be done inexpensively, and how the city a realistic plan to put everything built into productive and permanent use.

A few more of these Billion Dollar ghost towns get built, and people are going to figure out that the Olympics are a boondoggle, and nobody will volunteer to go bankrupt, anymore. The Olympic needs to move to a sustainable model.

[Thank You Rush]

And Putin wants to host the World Cup? He shows as much business sense as someone we know sitting in our White House.

[attiladhun2]

The Olympics are nothing more than an exercise in the crony capitalist endeavors usually touted by politicians and their corporatist hangers-on as "public/private partnerships," i.e., what in times past would gone under the heading "corruption."

If cities, states, or nations want these kinds of activities then they should be privately funded by businesses and/or by contributions from donors. That would include all professional sports teams, as well. Without subsidies in the form of taxpayer-built stadiums, these teams would not exist as they do today.

[MinorityRepublican]

A few more of these Billion Dollar ghost towns get built, and people are going to figure out that the Olympics are a boondoggle, and nobody will volunteer to go bankrupt, anymore. The Olympic needs to move to a sustainable model.

Well developed college towns in northern climate zone is the way to go.